How to measure time preferences: An experimental comparison of three methods-Reference-Cited by-同舟云学术

How to measure time preferences: An experimental comparison of three methods

Published:2013-05 Issue:3 Volume:8 Page:236-249
ISSN:1930-2975
Container-title:Judgment and Decision Making
language:en
Short-container-title:Judgm. decis. mak.

Author:

Hardisty David J.,Thompson Katherine F.,Krantz David H.,Weber Elke U.

Abstract

AbstractIn two studies, time preferences for financial gains and losses at delays of up to 50 years were elicited using three different methods: matching, fixed-sequence choice titration, and a dynamic “staircase” choice method. Matching was found to create fewer demand characteristics and to produce better fits with the hyperbolic model of discounting. The choice-based measures better predicted real-world outcomes such as smoking and payment of credit card debt. No consistent advantages were found for the dynamic staircase method over fixed-sequence titration.

Publisher

Cambridge University Press (CUP)

Subject

Economics and Econometrics,Applied Psychology,General Decision Sciences

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